The UK's £1.25bn (€2bn) Derbyshire County Council defined benefit pension fund has placed its £22m US equity portfolio manager Phillips & Drew under review.

The fund said it was concerned about P&D's performance, in spite of the investment manager's success in 2000, when it was the top-performing UK fund manager of the year. P&D's performance had not been consistent, said the fund.

Derbyshire County Council puts P&D under review

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